Telford Homes reported its final results for the year ending 31 March, sending shares downwards on Wednesday.

The house builder said that revenue for the year was up 12% to £354.3 million, compared to £316.2 million.

This was attributed to a strategic increase in build to rent developments from 21% to 31%.

However, profits for tax fell to £40.1 million from £46 million the year before.

Telford Homes also announced a final dividend of 8.5 pence per share, resulting in a total dividend for the year at 17.0 pence per share, unchanged from the previous year.

The company said it had completed and handed over in excess of 300 build to rent properties, with an additional 1,422 underway.

It also said that it had entered ‘strategic build to rent partnerships’ with Invesco and M&G Real Estate to boost growth.

Looking ahead, the firm said that it has a development pipeline of 4,900 homes, with a total expected gross development value of £1.59 billion.

The results come amid a slowdown in property price growth in the capital, as economic and political uncertainty continues to deter buyers.

Jon Di-Stefano, CEO of Telford Homes, commented on the results: “Our business model is increasingly focused on build to rent housing and the reduced risk and lower capital requirements it brings. Despite some challenges, our performance in the year to 31 March 2019 represents a great achievement for Telford Homes with revenue at an all-time high due primarily to an increased proportion of build to rent contracts.

Over the last three years we have made substantial progress against our objective to increase our output of build to rent homes to meet demand from institutional investors and to deliver high quality rental properties in the capital. There remains a long-term structural imbalance between housing supply and housing need in London. Our recently announced partnerships with Invesco and M&G signal our reputation as a trusted build to rent partner, and as such are a significant step as we continue to develop our profile at the forefront of this burgeoning sector.”

Shares in Telford Homes (LON:TEF) are currently down -3.47% as of 10:40AM (GMT).